Bitcoin Cash Price Analysis

Bitcoin cash price recently declined heavily below the $295 and $290 support levels against the US Dollar. The BCH/USD pair even broke the $285 support level and settled below the $280 level. It traded close to the $272 level and is currently consolidating losses.

On the upside, an initial resistance is near the $285 level, above which the price may rebound towards the next major resistance at $295. On the downside, the main supports are $272 and $270.

Binance Coin (BNB), Litecoin (LTC) and Tron (TRX) Price Analysis

Binance coin (BNB) price managed to gain bids near the $22.20 level and it recently climbed higher. BNB price is up around 4% and it broke the $23.00 and $23.20 resistance levels. On the upside, the main resistance is at $23.50, above which the price could test the $24.00 level. On the downside, the $23.00 level may act as a support zone.

Litecoin price started a major decline after it broke the $80.00 support area. LTC price broke the key $76.00 and $75.00 support levels to enter a bearish zone. It traded close to the $70.00 support and is currently correcting towards the $75.00 resistance, where sellers may emerge.

Tron price performed really bad in the past few sessions and declined more than 15%. TRX price broke the $0.0300 and $0.0250 support levels. It is currently under a lot of pressure and it seems like sellers might push the price towards the $0.0210 or $0.0200 support area.

Looking at the total cryptocurrency market cap hourly chart, there was a failed attempt near the $178.5B resistance area. The market cap started a downward move and broke the $175.0B and $172.0B supports. Moreover, there was a break below a connecting bullish trend line near the $170.0B support. It seems like the market cap could extend the current decline and it could move towards the $164.5B or $162.5B support levels. Therefore, there are chances of more weakness in bitcoin, Ethereum, EOS, litecoin, ripple, binance coin, BCH, TRX, XMR, XLM and other altcoins in the near term.